Fortinet Inc. Shares Rise From Session Lows Amid AsianSweeper Report

Shares of Fortinet Inc. FTNT have risen from session lows following an AsianSweeper article.

The article reported that, “Indian technology powerhouse Wipro is looking to expand its North American presence and Fortinet could be ideal strategic addition.”

AsianSweeper finds that Fortinet is the “the current revenue leader in unified threat management (UTM) is a perfect fit, as two companies already have existing synergies in certain areas.”

Lastly, the article stated if a deal is made Wipro may pay a 40 percent premium for Fortinet or roughly $40 per share.

Following the report, shares of Fortinet quickly rose from $26.87 to $27.70 reflecting roughly a 3 percent move.